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Press Release: Sodium Acetate Market to Surpass US$ 151.80 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Sodium acetate is produced by reacting acetic acid with sodium carbonate. Sodium acetate trihydrate is granular crystalline powder and has acetic odor. Medical & pharmaceutical, leather & textiles, plastic, water, agriculture, and food are some of the key application of the sodium acetate trihydrate and sodium acetate.
The global sodium acetate market accounted for US $ 103.54 Million in terms of value and 350.43 Thousand Tons in terms of volume in 2019
Drivers:
Robust growth in the pharmaceutical industry is projected to propel the market growth of the sodium acetate trihydrate & sodium acetate anhydrous. It is widely used in the electrolytes and warming pads. They are also used as a diuretic agent. Increasing geriatric population is creating a need for healthcare facilities. Hence, growth in the pharmaceutical industry is fueling the market growth of the sodium acetate trihydrate & sodium acetate anhydrous over the forecast period.
Growing demand for leather products is predominantly fueling the market growth of the sodium acetate trihydrate & sodium acetate anhydrous. Increasing demand for products such as handbags, footwear, bags, and other leather-based products is driving demand for sodium acetate trihydrate & sodium acetate anhydrous. It is a crucial component of leather tanning chemicals and textile dyeing chemicals. Moreover, an increasing number of leather manufacturing industries around the globe is also expected to foster the market growth. Thus growing demand for leather products is propelling the market growth.
Sodium Acetate Trihydrate product segment dominated the Global Sodium Acetate market in 2019, accounting for 56.04% share in terms of value, followed by anhydrous segment.
Figure 1. Global Sodium Acetate Market, Revenue Share (%), By Product, 2019
Market Restraints
Lack of awareness regarding the benefits of the products is affecting the demand for sodium acetate trihydrate & sodium acetate anhydrous. This factor is hindering market growth over the forecast period.
Availability of the other food preservatives in the market is restricting the use of sodium acetate trihydrate in the food application. Thus, easy availability of other food preservatives are projected to inhibit the market growth.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 103.54 Mn |
| Historical Data for: | 2017 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 4.90% | 2027 Value Projection: | US$ 151.90 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Allan Chemical Corporation, CABB GmbH, Changshu Nanhu Chemical Co., Ltd., Fujian Fukang Pharmaceutical Co., Ltd., Nantong Zhongwang Additives Co., Ltd., Karn Chem Corporation, Niacet Corporation, NOAH Technologies Corporation, Shanxi Xinzhou Chemical Reagent Factory, and Spectrum Chemical Manufacturing Corporation |
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| Restraints & Challenges: |
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Market Opportunity
Expansion of the chemical industry around the globe due to the increasing production of chemical products is expected to offer lucrative opportunities in the market over the forecast period. According to the Cefic Facts & Figures, global chemical turnover was valued at €3,347 billion in 2018. Global sales increased by 2.5% from €3,266 billion in 2017 to €3,347 billion in 2018. China leads the market with €1,198 billion in 2018. Thus, robust growth in the chemical industry is projected to foster the market growth.
Increasing use of sodium acetate as a phase changing materials in solar heat systems and thermal energy storage systems is projected to bring new market opportunities. Moreover, it is also used in other applications such as heat pump systems, heat pump systems, waste heat recovery and thermal protection in electronic products. Thus, emerging such application of sodium acetate is projected to foster the market growth of the sodium acetate trihydrate & sodium acetate anhydrous over the forecast period.
Figure 2. Global Sodium Acetate Market, Revenue Share (%), By End-Use, 2019
The leather & textile end use segment accounted for a share of 35.50% across the global sodium acetate market in 2019 followed by medical & pharmaceuticals, and others segment respectively.
Market Trends/Key Takeaways
Improving lifestyle of the consumers coupled with the growing awareness regarding the health is driving consumption of the product from the healthcare industry. The overall development of the economy coupled with the growing supply chain of the food products is also contributing to the market growth of sodium acetate trihydrate & sodium acetate anhydrous. All these factors are expected to bolster the demand for sodium acetate over the forecast timeframe.
The growing use of sodium acetate in the agriculture industry is one of the emerging trends in the market. Sodium acetate is used in nematicides as an attractant. Nematicides are a type of pesticide used to kill the worms on plants. Growing adoption of the advanced agricultural practices for enhancing the yield production is expected to boost the demand for pesticides which in turn is creating demand for sodium acetate. Thus, growing agricultural application of sodium acetate is propelling the market growth.
Figure 3. Global Sodium Acetate Market – Value Chain Analysis
Global Sodium Acetate Market - Impact of Coronavirus (Covid-19) Pandemic
The global sodium acetate market has been impacted due to the ongoing COVID-19 pandemic. This can be attributed to the hindrance in the supply chain and shutting down of several many industries due to the imposition of lockdown. But, its demand across the medical and pharmaceutical sector has gained traction over the pandemic period. Moreover, rapid technological advances undertaken by the key players are projected to trigger the market growth over the post-pandemic period.
Competitive Section
Key players operating in the global sodium acetate market include Allan Chemical Corporation, CABB GmbH, Changshu Nanhu Chemical Co., Ltd., Fujian Fukang Pharmaceutical Co., Ltd., Nantong Zhongwang Additives Co., Ltd., Karn Chem Corporation, Niacet Corporation, NOAH Technologies Corporation, Shanxi Xinzhou Chemical Reagent Factory, and Spectrum Chemical Manufacturing Corporation.
Sodium acetate is a type of salt which is widely being used as a food additive for enhancing the taste and mixing ability of processed foods. It also largely used in the preparation of drugs and animal food. The properties of sodium acetate such as acting as an acid regulator, preservative, and emulsifier are expected to augment its demand in the upcoming years. Also, its usage for the preparation of processed cheese, dairy products, meat, and egg-based desserts is projected to contribute majorly towards the market growth.
Sodium acetate has properties such as high density and solubility. Thus, it is widely used as a washing salt across the leather and textile industry. Moreover, its ability to protect the dye and increase its uptake is expected to trigger its market growth in the upcoming years. Also, it is being used across medical and pharmaceutical segment for preparation of medicines and drugs.
Market Dynamics
Growing demand for the product from food &beverage industry is expected to foster the market growth of sodium acetate trihydrate & sodium acetate anhydrous. Sodium acetate trihydrate is used as preservatives and flavoring ingredients in the food products. Therefore, growing demand for ready-to-eat food the industry is driving demand for preservatives. The busy lifestyle of the consumers is fueling demand for ready-to-eat food products which in turn augmenting the market growth of the sodium acetate trihydrate & sodium acetate anhydrous.
Increasing population coupled with the growing disposable income of the consumers is projected to serve major opportunities in the market growth of the sodium acetate trihydrate & sodium acetate anhydrous. The rise in the various manufacturing industries around the globe is also expected to augment the market growth over the forecast period. Moreover, the growing use of the sodium acetate in the water treatment application is further anticipated to accelerate the market growth of the sodium acetate trihydrate & sodium acetate anhydrous in the near future.
The presence of a large number of substitutes is hampering product demand. For instance, sodium citrate can be used in place of sodium acetate in the dialysis fluid. Also, it can be used as an anticoagulant and antioxidant. Moreover, it has higher biocompatibility than sodium acetate. Thus, the availability of substitute is hindering the market growth of the sodium acetate trihydrate & sodium acetate anhydrous.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective
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